The Company was at first an association of tailors. However, it is at present an educational institution, owning various tailoring and other schools, and a charitable institution.
Under an order issued by the Lord Mayor of London in the fifteenth century, the Company ranks in sixth or seventh place (making it one of the "Great Twelve City Livery Companies") in the order of precedence of the Livery Companies, alternating with the Skinners' Company. The annual switch occurs on Easter.
The Company's motto is Concordia Parvae Res Crescunt, Latin for Small Things Grow by Unity.